ISLAMABAD, March 2 (Xinhua) -- The State Bank of Pakistan (SBP) on Wednesday issued the standard for Quick Response (QR) code-based payments in Pakistan to accelerate digitization and promote inclusion, innovation and modernization of payment systems in the country.
"With the issuance of a single country-wide QR code standard, Pakistan has joined the countries who have taken similar steps to promote low-cost digitization of payment services, especially at retail level," the SBP said in a statement.
The standard will have to be met for the issuance and acceptance of QR codes, the SBP said.
QR code-based payments are becoming increasingly popular around the world for being low cost and easy to use via mobile applications, the statement said.
However, in Pakistan, QR codes being issued by financial institutions are not usually based on common industry standard and had limited interoperability, due to which their acceptance and usage in the country has been very low, it added.
To address the issue, the common QR code standard has been developed, the SBP said, adding that all financial institutions offering digital payment services would be required to comply with the new requirements. ■